Syria Switches to Euro
Amid Confrontation with US
13, 10:29 AM ET
switched all of the state's foreign currency transactions to euros from dollars
amid a political confrontation with the United States, the head of state-owned
Commercial Bank of Syria said on Monday.
a precaution. We are talking about billions of dollars," Duraid Durgham told
which still dominates the Syrian market although private banks have been allowed
to set up in the last few years, has also stopped dealing with dollars in the
international foreign exchange flows of private clients.
States has been at the forefront of international pressure on Syria for its
alleged role in the assassination of former Lebanese Prime Minister Rafik al-Hariri
a year ago. Damascus denies involvement in the killing.
like a kind of pre-emptive action aimed at making their foreign assets safer,
preventing them from getting frozen in case of any conflict," said a Middle
East economist who requested anonymity.